Tesla (NASDAQ: TSLA) is up 2.63% in pre-market, driven by Elon Musk’s public apology to President Donald Trump and signs that the company’s autonomous vehicle fleet may finally hit the streets on June 22.
With the political drama surrounding the “Big, Beautiful Bill” easing up, the market appears ready to turn its attention from short-term volatility back to Tesla’s long-term innovation pipeline, namely its self-driving cars and the artificial intelligence (AI) powering them.
At press time, Tesla stock is trading at $334.67, up $8.58 from previous close of $326.09
Tesla stock performance
Yesterday, Tesla shares jumped 5.67% after the company was officially listed as a known autonomous vehicle operator in Austin, Texas. The service is expected to begin around June 22, although Musk has stated that the company remains “super paranoid about safety”, meaning a later date is also possible.
The listing on Austin’s Transportation and Public Works site places Tesla alongside established competitors like Waymo. However, Musk’s company appears to have an advantage, as its units are significantly cheaper, reportedly costing around $30,000 per unit as opposed to Waymo’s, which cost between $150,000 and $200,000.
Despite the rebound, Tesla stock is still down 14% year-to-date, pressured by growing electronic vehicle (EV) slowdowns, project delays, and political controversy. Investors are thus hopeful the robotaxi launch could breathe some life into the company’s growth prospects.
Of course, there’s still skepticism, especially in regard to safety concerns, regulatory issues, and public sentiment when it comes to autonomous tech and Musk himself.
Featured image via Shutterstock
